Corporate bonds as an alternative Nakiki bond WKN A460N4 Frankfurt Stock Exchange
+++ Bitcoin in free fall – how much longer? +++Market cap of cryptocurrencies halved: loss of approx. USD 2 trillion since peak++CEO of Strategy Saylor remains bullish on Bitcoin and buys more Bitcoin+++Gold and silver with exceptionally high volatility+++New corporate bond from Nakiki SE WKN A460N4 as an alternative in uncertain times+++
Bitcoin, the leading currency for all cryptocurrencies, has been in free fall since the end of January, with the bear market already beginning in early October after reaching a new all-time high of 126,000 BTC/USD. However, the price decline accelerated at the end of January in step with the slump in gold and silver prices, which had previously also reached a new all-time high in January. In these uncertain and highly volatile times, it may make sense to park some of your money in high-yield bonds in order to participate in the recovery of Bitcoin later on. One such opportunity is offered by the new Treasury Bitcoin bonds WKN: A460N4 from Nakiki SE with a coupon of 9.875% and a term of 5 years.
Andreas Männicke gives his assessment in his stock market newsletter East Stock Trends (www.eaststock.de ) and also in his new EastStockTV video. Episode 265 on YouTube.
2 billion USD book loss on cryptocurrencies sets new record
We have had a turbulent week: not only cryptocurrencies, but also gold and silver were characterised by unusually high volatility after reaching new all-time highs. At the end of January/beginning of February, the price of gold plummeted from almost 5600 to 4600 USD/ounce at its lowest point, and silver even fell from 120 to 77 USD/ounce. Silver has never before seen daily losses of over 25% in a single day. What rises (too) high can also fall low.
However, cryptocurrencies were similarly weak and volatile at the end of January/beginning of February. Even after the price slump in recent weeks, Bitcoin remained the undisputed leader among all cryptocurrencies with a market capitalisation of USD 1.41 trillion, clearly ahead of Ethereum with a market cap of USD 253 billion. With a share of well over 50%, BTC thus remains the dominant cryptocurrency among all cryptocurrencies. Overall, the market cap of all cryptocurrencies has fallen by almost 50% since its high in October 2025, from USD 4.27 trillion to USD 2.4 trillion (at its low, USD 2.1 trillion).
Unclear signals increase uncertainty among investors
According to the so-called golden ratio, with a market cap of USD 2 trillion, the overall market is at an important point that will determine whether there will be a bear market this year, as in 2014, 2018 and 2022, lasting a whole year, or whether there will be a premature trend reversal. The moving averages recently formed a so-called ‘death cross’, which tends to indicate a sustained bear market. However, the MACD signals gave rise to hopes of a sustained price recovery or at least stabilisation.
Institutional investors remain bullish on cryptocurrencies
Strategy CEO Michael Saylor remains bullish on Bitcoin. He purchased an additional 22,305 Bitcoin worth £2.15 billion between 12 and 19 January. Strategy sold its own common and preferred shares to acquire more Bitcoin. Strategy now owns 713,502 Bitcoin. The average price is £76,052, meaning Strategy is currently making a loss. Strategy has already spent £54 billion on its Bitcoin investment.
There are now 117 companies that include Bitcoin as a reverse asset in their balance sheets, as this has paid off in the long term even after price slumps. Tom Lee also recently purchased 20,000 ETH worth £42 million. Overall, however, the situation remains characterised by investor uncertainty.
ETF outflows and liquidity bottlenecks led to sharp price losses
Liquidity bottlenecks were also becoming apparent on the crypto exchanges due to heavy outflows from crypto ETFs. Between the beginning of the year and 6 February, Bitcoin (BTC) fell from 88,000 to a new 1-year low of 60,000 BTC/GBP, before recovering to over 70,000 BTC/GBP.
This means that BTC fell by 22% in one month, 33% in three months and 27% in one year. At the beginning of October, the old all-time high was still at 126,000 USD/BTC. The price losses for other altcoins such as Ethereum, Ripple and Solana were even greater in some cases. Ripple lost 40% of its value in one year and Solana 56%, while Ethereum lost ‘only’ 22%.
Trend reversal or continued bear market for cryptocurrencies?
The question now is how far cryptocurrencies could fall in the worst case scenario. In the worst case scenario, experts expect Bitcoin to fall below 30,000 BTC/USD, as in bear markets the price loss can sometimes exceed 80% in one year, as was the case in 2014, 2018 and 2022. Cryptocurrencies experience a price slump every 3 to 4 years, and a bear market usually lasts a whole year. After that, however, cryptocurrencies have always risen to new all-time highs, with the price of Bitcoin always determining the direction of all altcoins. The market capitalisation of all cryptocurrencies has already halved from almost 4 to just over 2 trillion USD.
As long as the bear market for cryptocurrencies continues, it may now make more sense to invest in a Treasury Bitcoin Bond from Nakiki SE WKN: A460N4 Tradable in Frankfurt . Following Strategy’s example, Nakiki SE intends to use equity and debt capital to purchase Bitcoin in stages over the long term. The bond was only launched this year and has a coupon of 9.875% with a term of 5 years.
High interest rates on corporate bonds as a sensible alternative
As government bonds lose credibility, yield curves come under pressure and political uncertainty dominates the capital markets, investors are faced with one crucial question: where can capital still be put to work today – with real returns instead of empty promises? The answer does not lie in narratives of interest rate cuts, nor in hope, nor in passive waiting. It lies in high-yield corporate bonds with a clear structure and discipline.
The listed corporate bond of Nakiki SE (WKN: A460N4) delivers exactly that:
– 9.875% fixed coupon p.a.
– Listed on the Frankfurt Stock Exchange
– Corporate bond with integrated Bitcoin strategy
– Clear capital allocation instead of marketing story
In an environment where US government bonds are coming under pressure despite expectations of interest rate cuts, gold and silver are hitting new highs, and geopolitical risks are dictating investment decisions, corporate bonds with high coupons are once again becoming the focus of professional investors. The message is clear: those looking for returns today must invest selectively – not resign themselves to a defensive stance.
Bitcoin under pressure – the last few days as a reality check
Developments in recent days have once again shown how fragile many Bitcoin narratives are. Within a very short period of time, there were sharp fluctuations, liquidations and abrupt changes in direction. Euphoria was replaced by reality.
Bitcoin remains a relevant asset – but not a stable return instrument. Anyone who views Bitcoin exclusively as a safe haven or substitute for traditional sources of income is deliberately ignoring its structural volatility. Gold and silver have also recently suffered sharp price losses after reaching new all-time highs.
What we are currently seeing with Bitcoin is not an exception, but rather the normal cycle of a highly speculative asset in an uncertain monetary and geopolitical environment.
Why structure is becoming more important than story again
The recent movements in Bitcoin make it clear that not every Bitcoin strategy has to involve maximum risk.
The combination of a predictable coupon, exchange tradability and strategic Bitcoin exposure can be an alternative to pure price speculation for many investors. The bond issued by Nakiki SE does not use Bitcoin as an ideology, but as a strategic element within an income-generating instrument.
Conclusion
The last few days have shown that markets are not providing any easy answers at present. Anyone who wants to preserve capital and earn interest at the same time must distinguish between returns and speculation. Bitcoin remains a topic of discussion. However, in uncertain times, instruments that combine yield, structure and discipline are gaining in importance.